Press release
Offshore Wind Energy Market foreseen to grow exponentially over 2024 - 2031 | MHI Vestas Offshore Wind, Siemens Gamesa Renewable Energy
Offshore Wind Energy Market
Global offshore wind energy market size is expected to reach US$ 70.38 Bn by 2031, from US$ 33.98 Bn in 2024, exhibiting a compound annual growth rate (CAGR) of 12.9% during the forecast period (2024-2031)
Market Dynamics:
Stringent government policies regarding carbon emission reduction from conventional power sources are driving the offshore wind energy market's growth. Countries worldwide have implemented renewable portfolio standards and carbon credit policies to replace fossil fuels with cleaner energy sources like offshore wind. Additionally, rapid technological advancements have enabled larger turbine sizes that improve energy output. Turbines of 8-10 MW capacity are being installed, offering higher efficiency. Also, floating turbines allow establishing projects in deeper waters with stronger winds.
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Offshore Wind Energy Market: Key Market Drivers
Climate Change and Governments' Increasing Focus on Renewable Energy Sources
With growing climate change concerns worldwide, governments across nations are focusing on transitioning to cleaner sources of energy from fossil fuels. Offshore wind energy offers a viable renewable alternative with many environmemtal benefits like reduced emissions. Countries in the European Union which have more developed offshore wind markets have set ambitious targets to increase their share of renewable energy including offshore wind. This is a major driver boosting investments and developments in the offshore wind energy sector.
Offshore Wind Energy Market: Key Market Opportunity
Growing Energy Demand Driving Investments in Offshore Wind Capacity Addition
With rapidly rising worldwide energy consumption driven by industrialization, growing population and higher living standards, the demand supply gap for power generation is widening. Offshore wind energy is increasingly being viewed as a strategic option by many countries to add new large-scale renewable energy capacity to their power mix and meet both present and future electricity needs in a sustainable way. This growing energy demand presents significant opportunities for the offshore wind industry to tap new markets and further expand existing capacity over the coming years.
Offshore Wind Energy Market: Key Market Trend
Increasing Focus on Floating Offshore Wind Technology
While early offshore wind farms were predominantly bottom-fixed structures, floating offshore wind technology is garnering attention as a game changing innovation. It holds potential to unlock deeper offshore wind resources including those located further from shores in deep waters where fixed foundations are not feasible. Several pilot floating wind farms are underway which are demonstrating technical and commercial viability. Major turbine manufacturers are also developing larger floating wind turbines. With maturing floating technology, future offshore wind installations are likely to steadily shift towards the floating segment, driving a new wave of industry growth in deeper waters.
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Top Companies Featured in This Report:
★ MHI Vestas Offshore Wind
★ Siemens Gamesa Renewable Energy
★ S.A.
★ J.J Cole Collections
★ Sinovel Wind Group Co.
★ Ltd
★ Erndtebrücker Eisenwerk Gmbh & Co. Kg
★ Northland Power Inc.
★ ABB Ltd.
★ Ming Yang Smart Energy Group Limited
★ Adwen Gmbh
★ General Electric Company
★ A2SEA A/S
★ Nexans
Market Segmentation:
By Product Type:
★ By Foundation: Floating and Bottom Founded
★ By Component: Turbine, Substructure, and Others (Electric components, etc.)
★ By Location: Shallow Water, Transitional Water, and Deep Water
Key Regions/Countries Classified as Follows:
» North America (U.S., Canada, Mexico)
» Europe (Germany, U.K., France, Italy, Russia, Spain, Rest of Europe)
» Asia-Pacific (China, India, Japan, Singapore, Australia, New Zealand, Rest of APAC)
» South America (Brazil, Argentina, Rest of SA)
» Middle East & Africa (Turkey, Saudi Arabia, Iran, UAE, Africa, Rest of MEA)
Key Inquiries Addressed in this Report include:
📈 What was the size of the Offshore Wind Energy Market in 2024, and what is the projected value by 2031?
📈 What is the present global market landscape for the Offshore Wind Energy Market?
📈 What strategies offer optimal opportunities for growth maximization in the business?
📈 What recent trends are shaping the Offshore Wind Energy Market?
📈 How does the market share of Offshore Wind Energy Market revenue, sales, and size vary across specific geographical regions?
📈 Who are the prominent industry players in the Offshore Wind Energy Market?
📈 Which segment of the Offshore Wind Energy Market is experiencing heightened demand?
The report also delves into the competitive landscape, key players, trade patterns, industry value chain, recent news, policies, and regulations. Should you have any inquiries or require customization options, please don't hesitate to contact us.
In summary, whether you're engaged in manufacturing, distribution, or investment within the Offshore Wind Energy sector, this report furnishes invaluable insights into market segments, drivers, challenges, investment prospects, regional dynamics, major players, growth strategies, prevailing trends, and hurdles influencing the industry's expansion.
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Author Bio:
Priya Pandey is a dynamic and passionate editor with over three years of expertise in content editing and proofreading. Holding a bachelor's degree in biotechnology, Priya has a knack for making the content engaging. Her diverse portfolio includes editing documents across different industries, including food and beverages, information and technology, healthcare, chemical and materials, etc. Priya's meticulous attention to detail and commitment to excellence make her an invaluable asset in the world of content creation and refinement.
(LinkedIn- https://www.linkedin.com/in/priya-pandey-8417a8173/)
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